Report Overview - Report Date: October 29, 2025 [1] - Analyst: Wu Guangjing, Investment Consulting Qualification Number: Z0011992 [2] Industry Investment Rating - Not provided Core Viewpoints - On October 28, CBOT soybean futures closed higher, reaching a 15 - month high, due to market optimism about a potential trade agreement between the US and China. If no procurement commitment is made, soybean futures prices may fall. As of October 26, soybean harvest completion was 84%, slightly lower than 88% in the same period last year but 2 percentage points higher than the five - year average [3] Summary by Directory 1. Fundamental Data of Soybean Meal/Soybean No.1 Futures - DCE Soybean No.1 2601: Closing price (day session) 4115 yuan/ton, up 27 (+0.66%); closing price (night session) 4129 yuan/ton, up 37 (+0.90%) [2] - DCE Soybean Meal 2601: Closing price (day session) 2975 yuan/ton, up 41 (+1.40%); closing price (night session) 2991 yuan/ton, up 25 (+0.84%) [2] - CBOT Soybean 01: 1093.5 cents/bushel, up 10 (+0.92%) [2] - CBOT Soybean Meal 12: 306.5 dollars/short ton, up 8.8 (+2.96%) [2] Spot - In Shandong, the price of soybean meal (43%) is 2970 - 3020 yuan/ton, flat to +30 compared to the previous day. The spot basis is M2601 + 70, flat. For different periods, basis prices have different changes [2] - In East China, prices and basis of different enterprises and periods have various fluctuations, such as the price of Taizhou Huifu is 2930 yuan/ton, up 10 compared to the previous day [2] - In South China, prices and basis of different enterprises and periods also show different trends, like the price range is 2940 - 3060 yuan/ton, up 20 - 40 compared to the previous day [2] Main Industry Data - Trading volume (10,000 tons/day) of soybean meal: 6.52 in the previous trading day, 11.85 in the two previous trading days [2] - Inventory (10,000 tons/week) of soybean meal: 100.44 in the previous week, 96.31 in the two previous weeks [2] 2. Macro and Industry News - On October 28, CBOT soybean futures reached a 15 - month high. Market optimism stems from the upcoming meeting between Chinese and US leaders on Thursday, with hopes of a trade agreement and large - scale soybean procurement. Analysts estimate that as of October 26, soybean harvest completion was 84% [3] 3. Trend Intensity - Soybean Meal Trend Intensity: 0 - Soybean No.1 Trend Intensity: +1, referring to the price fluctuation of the main contract in the day session on the report day [3]
豆粕：美豆偏强，连粕反弹震荡，豆一：偏强震荡
Guo Tai Jun An Qi Huo·2025-10-29 06:39